See if it can find support near 2521.05 and go up
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(ETHUSDT 1D chart)
The two charts above are charts that use the HA-MS indicator to mark support and resistance points on the 1M, 1W, and 1D charts.
The chart below is just a chart with the HA-MS indicator hidden.
If you look closely at the drawn support and resistance points, you can see that the points drawn with the HA-Low and HA-High indicators are important support and resistance points.
The HA-Low indicator is marked in orange (#ff9800), and the HA-High indicator is marked in blue (#0000ff).
It is impossible to explain all the thoughts of a chart analyst in writing.
That is why it is necessary to provide objective information to the readers.
Then, it will be very helpful for you to look at the chart.
If you think that my idea has too many indicators, you can disable the indicators by clicking "Grab this chart" in the idea article.
If you look at the chart with the indicators disabled, you may think that something looks better, but since you don't know why these support and resistance points were drawn, you may not be able to properly utilize the support and resistance points drawn on the chart when actually trading.
Even the support and resistance points you drew yourself often become unreliable due to the movement of the chart over time, and you will be even less reliable when it comes to support and resistance points drawn by others.
In order to reduce this phenomenon, objective information is necessary.
For that objective information, I use the HA-MS indicator.
For the trend perspective, there is the M-Signal indicator, and for the trading perspective, there are the HA-Low and HA-High indicators.
To understand the detailed movement, we use the DOM(60), DOM(-60), StochRSI 50, StochRSI 80, and StochRSI 20 indicators.
Therefore, you can basically interpret the chart by activating only the HA-Low, HA-High, and M-Signal indicators.
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Therefore, if we interpret the chart, if it rises from the current price position, the resistance zone is around 3265.0-3321.30, and if it falls, the support zone is around 1647.06-1861.57.
You can see that the HA-High indicator is newly created at the current price position, and the M-Signal indicator on the 1M, 1W, and 1D charts is passing, so we can see that it is at an important turning point.
Therefore, the key question is whether the price can be maintained above 2609.74 or whether it will fall below 2359.35.
However, since the HA-High indicator is newly created, it is more likely to fall.
Since the OBV indicator showed that the OBV fell below the High Line, we need to check whether it can touch the OBV EMA again and rise above the High Line.
If the StochRSI indicator falls below 50, we need to focus on finding a time to buy, and if it rises above 50, we need to focus on finding a time to sell.
Since the OBV is currently on an upward trend, if this trend continues, the price is expected to eventually rise.
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Thank you for reading to the end.
I hope you have a successful transaction.
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- This is an explanation of the big picture.
(3-year bull market, 1-year bear market pattern)
I will explain more details when the bear market starts.
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